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Registered number: 14607424









BOROUGH FARNHAM LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE 6 MONTH PERIOD ENDED 31 JULY 2023

 
BOROUGH FARNHAM LIMITED
REGISTERED NUMBER: 14607424

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

2023
Note
£

  

Current assets
  

Stocks
  
683,926

Debtors: amounts falling due within one year
 4 
23,086

  
707,012

Creditors: amounts falling due within one year
 5 
(745,086)

Net current liabilities
  
 
 
(38,074)

Total assets less current liabilities
  
(38,074)

  

Net liabilities
  
(38,074)


Capital and reserves
  

Called up share capital 
 6 
100

Profit and loss account
  
(38,174)

  
(38,074)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 






R B Gershon
Director

Date: 19 February 2024

The notes on pages 3 to 5 form part of these financial statements.

Page 1

 
BOROUGH FARNHAM LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE 6 MONTH PERIOD ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


Comprehensive income for the 6 month period

Loss for the 6 month period
-
(38,174)
(38,174)
Total comprehensive income for the 6 month period
-
(38,174)
(38,174)


Contributions by and distributions to owners

Shares issued during the 6 month period
100
-
100


Total transactions with owners
100
-
100


At 31 July 2023
100
(38,174)
(38,074)

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
BOROUGH FARNHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDED 31 JULY 2023

1.


General information

The Company is a private company limited by shares and is incorporated in England and Wales.
The principal activity of the Company is that of property development.
The Registered Office address is 35 Ballards Lane, London, N3 1XW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis as in the opinion of the directors the company will generate future income sufficient to cover the liabilities of the company.
The company has made a loss in the year and relies on the support of a group entity which has confirmed its intention to provide support for a period of twelve months from the date of signing of the accounts.

 
2.3

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Stocks

Stock comprises development land and property stated at the lower of cost and selling price less costs to complete and sell. Cost is based on the cost of purchase.

At each reporting date, stock is assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
 
Page 3

 
BOROUGH FARNHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)


2.5
Financial instruments (continued)

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the 6 month period was 2.


4.


Debtors

2023
£


Other debtors
23,086

23,086


Page 4

 
BOROUGH FARNHAM LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 6 MONTH PERIOD ENDED 31 JULY 2023

5.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
689,764

Accruals and deferred income
55,322

745,086


£300,000 of the group payable bears interest at 12% per annum.


6.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


100 Ordinary shares were issued during the year at £1.00 each.


7.


Related party transactions

The Company has taken advantage of the exemption conferred by FRS 102 section 33.1A from the requirement to disclose transactions with other wholly owned group undertakings.


8.


Controlling party

The parent undertaking is Tranos (UK) Limited, a company registered in England & Wales.
The registered office is 35 Ballards Lane, London, N3 1XW.


9.


Auditors' information

The auditors' report on the financial statements for the 6 month period ended 31 July 2023 was unqualified.

The audit report was signed on 19 February 2024 by Nick Bishop FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.

 
Page 5